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Brown Co. had the following transactions during the current period. Feb. 2 May 12 Aug. 11 Oct. 28 Issued 3,000 shares of $1 par value
Brown Co. had the following transactions during the current period. Feb. 2 May 12 Aug. 11 Oct. 28 Issued 3,000 shares of $1 par value common stock to attorneys in payme of a bill for $28,000 for services performed in helping the company incorporated. Issued 25,000 shares of $1 par value common stock for cash of $315,000 Issued 1,200 shares of $100 par value preferred stock for cash at $150 per share. Purchased 3,000 shares of treasury stock for $60,000. Instructions: Prepare the journal entries for the transactions listed above. Journal entries should use appropriate accounts. A Word Bank is provided below. All the listed accounts will not b allowed are below. Points will NOT be given for incorrect spelling. The only abbreviations allowed are provided below. Amounts should be typed with commas (ie. 5,000). Word Bank: Cash Cash Dividends Common Stock Common Stock Dividend Distributable Dividends Payable No Entry Organization Expense Paid-In Capital in Excess of Par- Common Stock Paid-In Capital in Excess of Par- Preferred Stock Paid-In Capital from Treasury Stock Preferred Stock Stock Dividends Treasury Stock Appropriate Abbreviations C/S for Common Stock PIC-C/S for Paid-In Capital in Excess of Par - Common Stock T/S for Treasury Stock PIC-T/S for Paid-In Capital from Treasury Stock Account Titles Debit Credit Feb. 2 May 12 Aug. 11 Oct. 28
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